Bill Ackman Exclusion Zone feat. Rob Smith
The FT’s Rob Smith joins us to talk about the $4.5tn private credit bubble brewing in global financial markets… or to put it in perspective, to answer the question of how a regional Ohio auto parts distributor joined forces with Utah’s Swaggest Mormons to ring alarm bells at the IMF.
MILO ALERT Check out Milo’s tour dates here:
Comments (64)
I work for a marketing agency and we did a campaign with one of these “non-bank lenders” and it was crazy. The headline of the creative literally said “we find a way to get to yes”. It was ultimately a failure because they wouldn’t share any details about their customers with us so we were basically shooting in the dark. I think they had about 3 employees but were trying to issue $1M+ loans
INSANELY glad I left the marketing industry
MadTV did Sex Toy Story as sketch comedy in the late 90s i think
The bike episode and no Nate? Lol
Affinity fraud is very common in religious communities. C.f. Bernie Madoff.
I worked for Enron. I still have the ethics handbook, baybee
I have seen Steelcase chair leases!!!
As an Australian I am mostly upset about Americans besmirching the name of Father Bob.
Seal Team Six crashing the Blackhawks into Osama's house is a lot funnier if they were leased
I once heard the phrase "Lord, give me the confidence of a mediocre white guy" and it lives eternal in my mind
Fun throwback to prior seasons. I'm sure nothing bad will happen.
Anti-automation rant was kinda eh honestly. For starters, it doesn't seem true that new ordering tech has actually reduced McDonald's employment, for similar reasons to why ATMs didn't kill bank employment. The removal of customer-facing stations isn't the removal of jobs: taking orders/handling deposits and withdrawals is just one task among many. And automation making buying fast food/getting money out of the bank more seamless means that people actually do a lot more of it, generating more back-of-house work. In the specific, automation's effects on jobs are a lot more nuanced than people think, and in general, thinking automation isn't really good for overall quality-of-life/is going to cause mass unemployment seems flat out wrong, looking at every other period of automation.
The "reduces quality of work" line is also very citation needed, not that I'm saying it's necessarily wrong because McDonald's is an awful awful company, but like intuitively I would expect not having to interact with customers directly to vastly improve the quality of work, though ofc it'll still be very bad because it's Maccas.
Bill Ackman bike chainsianism
HIGH PROFILE MORMONS sounds like a very specialist magazine. They're big! They're glossy!
A thing to add about the Amazon discussion. I work at a whole foods like store in the greater Seattle area. Currently we are contracting to shop for Amazon fresh (their internal grocery delivery service originally for whole foods) this contract has made my department at work much more frenzied and resources sapped and it's only just made me realize that this is because Amazon want to take it's own worker off its balance sheets and set up a weird gig work program with in my union grocery store! Time to talk to my rep...
Shadow Doge Ohio expansion pack?
ONSET FINANCIAL HAS DELETED ONSET CLOSERS!!!! PLEASE TELL US SOMEONE SAVED THE VIDEO!!!
https://www.facebook.com/OnsetFinancial/videos/onset-closerz/387688438743554/
I've leased things you people wouldn't believe. Windscreen wipers squeeking against autoglass. I've leased Blackhawks rusting in the dark, near the armaments graveyards. All those moments will be lost in time, like banks in ruin. Time to crash.
I wish I'd been quick enough to think of this in real time!
Smoking on that Bill Packman after the Mamdani win in NYC
Since I had my current interest tickled: 5k on a roadbike nowadays doesn’t even necessarily get you the highest level groupset (all the shifty bits) anymore, they’re making groups that cost 4 grand by themselves There is a consumer grade roadbike braket at 15-20k and I fully imagine Ackman blew himself up on one of those
ackman definitely rode a pinarello dogma (ugly, sorry) or, more patriotically, a trek madone (slightly prettier)
conservatives love appropriating minority culture, fuckin Mormons stealing white monster from the transgenders
ackolytes right there
A rich Mormon with a Blackhawk helicopter and a cashflow problem… That’s dave sparks.
there is something to be said for the legitimate confusion around "hey, why does every single financial institution over-investing in AI and also windshield wipers in ohio mean that my job, which is involved in neither, is at risk?"
Speaking of b roll, who remembers the rapping bottle of fentanyl
An all time classic.
My junior paper in 2015 was about the systemic risk left in the Dodd Frank act about lending through non bank intermediaries who are often owned by banks. I wish I would have had clout to do something about it; but also I would have missed out on 10 years of stupid gains so idk
anybody have a link or reup to the music video? it looks like they may have taken it down.
https://www.facebook.com/OnsetFinancial/videos/onset-closerz/387688438743554/
Car elevator, Blackhawk helicopter? Is this a GTA lobby?
Guest was good but good god he has the worst case of Sprite Throat I’ve ever heard.
Haha yeah I had the autumn lurgy. This was one of my first ventures outside of the house in days. I hope you appreciate my dedication to the TF cause!
Absolute banger of an episode - lost my shit at the "Shake Hands With Danger" drop
Justin Nielson, crouched on the edge of his office penthouse zen garden, in the rain: “I've leased things you people wouldn't believe. Black hawks on fire off the shoulder of Aire. I watched C-Machines glitter in the dark near the Salt Lake Temple. All those assets will be lost in time, like tears in rain. Time to default.”
YES
my favourite podcast section Well There's Your Goddam Municipal Startup Round
Turns out you *can* buy a Black Hawk helicopter https://helitrader.com/for-sale/helicopters/sikorsky/uh60-a
A catholic and a Mormon destroying the economy is the ultimate vindication of Protestantism
About Hussein's box of coins: "I had written (off) the coins that were in the shoebox"
"they were so small and so cold"
Greatest city in da world LFG
Chanting “we’re #1” on the green line while my podcast best friends explain how our city is responsible for a teeny weeny financial crisis.
hey, does the FT need more guy correspondents?
I could certainly do with some help!
Bike lane around NYC as a circle of salt
Maintained by witches like the Brooklyn eruv
I may be biased being born and living in Cleveland, but the city gets an unusual amount of mentions on this show. Hooray us?
*loud barking* <- for the unfamiliar, thing we do at our sporting events
In other cool news - Michael Burry, yeah that one, has today announced he's shorting Nvidia
my FlerjAI spatulas are pretty nice actually, no complaints
886k
Finance capitalism, the best of all possible worlds 👍
Can't believe we got the 1963 salad oil scandal again but for windshield wipers
The Salad Oil Scandal is wonderful. It almost took down Buffett early in his career.
Chopping my arm off in preparation for the Sekiro ninja arm being invented in the next few months.
as a passionate lycra cyclist, the bicycle debacle is the definitive reason why i hate the guy, thanks
on a real note: maybe he could buy a world tour road cycling team? most of the non-petro-state-owned ones are in financial trouble
I feel like the correct Adam’s employee for Offset is not Eric Adams but Eric Adam’s adult son Jordan Coleman, who is a rapper under the name JAYOO.
Cleveland mentionnnnn we're so back
First?